Open Banking Compliance for UK Accountants: A Practical FCA Guide

Open banking compliance is becoming essential for accountants in the UK. As more firms adopt tools that connect directly to client bank accounts, understanding the regulatory side of real-time data access is no longer optional.

Whether you’re using bank feeds for reconciliation, bookkeeping software with live data, or cash flow tools powered by Open Banking APIs, your firm could be operating within a regulated environment.

The issue many firms overlook is this: once you access bank data, especially through APIs, FCA requirements for accountants may apply even if you’re relying on third-party platforms to do it.

This guide simplifies what that means. We’ll explain AISP compliance, outline the regulatory requirements for accountants, and show how to meet open banking security standards without unnecessary overhead or risk.

If you want to use real-time bank data confidently and stay compliant, this guide is for you.

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What Open Banking Compliance Really Means for Accountants?

Open Banking compliance refers to the regulatory and technical standards accountants must follow when accessing client bank data through connected tools. In the UK, these standards are enforced by the Financial Conduct Authority (FCA) under PSD2 and Open Banking regulations.

If you’re using software that pulls live transaction data for reconciliation, cash flow planning, or client reporting, you may fall under AISP compliance rules. These rules are designed to protect client information and ensure firms handle financial data securely and with permission.

Under current FCA requirements for accountants, any firm accessing bank data must:

• Collect and document client consent before retrieving information
• Use Strong Customer Authentication (SCA) where required
• Ensure bank data is protected through encryption and secure infrastructure
• Keep a clear record of data access and usage for audit purposes

This applies whether you’re building your own systems or using a third-party provider. In both cases, accountants are expected to follow open banking security standards and understand the regulatory environment they’re operating in.

If you don’t want to register as an AISP yourself, you can work with a regulated open banking provider like Finexer that takes care of these compliance responsibilities on your behalf.

Are Accountants Required to Register with the FCA?

If your firm directly accesses client bank account data using software or APIs, you may need to register with the FCA as an Account Information Service Provider (AISP). This depends on how the data is being accessed and who controls the connection.

Under FCA guidelines, registration is required if:

• You access bank data without going through a regulated provider
• You control the flow of client data from the bank to your systems
• You build or host software that retrieves account information

However, if you use a third-party service like Finexer, which is already registered as an AISP, then you do not need to register separately. In this case, Finexer manages the compliance, including consent collection, secure access, and audit logging.

For most accounting firms, especially small practices or solo accountants, the best route is to work through an FCA-regulated provider. This ensures you meet your accounting and regulatory requirements without handling the technical and legal burden of AISP registration.

Understanding AISP Compliance Requirements

If your accounting firm is classified as an Account Information Service Provider (AISP), you must meet specific compliance obligations set by the FCA. These obligations apply to any business that retrieves client bank data directly from financial institutions using Open Banking APIs.

When does AISP compliance apply?

You fall under AISP compliance if:

• You use or build tools that directly access client account information
• You handle data transmission between the bank and your internal systems
• You are responsible for how client financial data is collected, stored, or processed

What are the requirements?

The FCA requirements for accountants operating as AISPs include:

• Registering with the FCA under the PSD2 framework
• Collecting explicit client consent before retrieving any data
• Using secure authentication methods such as Strong Customer Authentication (SCA)
• Maintaining detailed records of when and how data is accessed
• Protecting client information through encryption and secure storage systems

These accounting regulatory requirements are designed to safeguard client trust while allowing accountants to use real-time financial data in a compliant way.

If you don’t want to manage these obligations directly, you can work with a provider like Finexer which is already registered as an AISP and takes care of the technical, legal, and security elements of compliance, so you don’t have to.

FCA Security Standards Every Accounting Firm Must Follow

When using Open Banking in your accounting workflows, security is not optional. The Financial Conduct Authority (FCA) outlines specific expectations for how client data must be protected. These standards apply whether you access financial data directly or work through an authorised provider.

Key Open Banking Security Standards:

1. Strong Customer Authentication (SCA)

You must use secure login methods that verify the client’s identity before any account data is accessed. This includes multi-factor authentication such as:

• A mobile banking app approval
• A one-time password sent by the bank
• Biometric verification (e.g. fingerprint)

SCA is mandatory under FCA rules and must be part of every data access session.

2. Consent Tracking

Clients must give clear permission before their bank data is retrieved. You also need to:

• Record when consent was given
• Track what data was accessed
• Provide an option for clients to revoke access

If you use your own system, you’re responsible for building this. If you use a provider like Finexer, this is handled as part of their AISP compliance framework.

3. Data Security and Storage

Client financial data must be:

• Encrypted during transmission and at rest
• Stored on secure infrastructure with access controls
• Available for audit in case of regulatory review

Firms that don’t meet these open banking security standards may be at risk of non-compliance and potential data breaches.

📚 How Finexer Helps UK Accountants

Let Finexer Handle Open Banking Compliance for You

If you’re using Open Banking to access client bank data, compliance with FCA regulations is not optional. From AISP registration to audit tracking and data security, the responsibility can quickly become overwhelming, especially for smaller firms.

Finexer removes that burden completely.
As an FCA-authorised Account Information Service Provider (AISP), Finexer enables you to access real-time bank data across the UK without needing to register or build any compliance infrastructure yourself.

Whether you’re a solo practitioner or part of a larger firm, Finexer provides a fully compliant setup from day one, so you can work with client data legally, securely, and without risk.

Why Accounting Firms Rely on Finexer for Compliance

FCA Registration Already Handled
You do not need to apply for AISP status. Finexer is fully registered and authorised, so your firm operates under its FCA license with no additional paperwork.

Consent and Audit Logs Built In
Finexer automatically captures client consent through secure login flows. Every authorisation and data access is logged and time-stamped, making it easy to stay audit-ready.

Meets All Open Banking Security Standards
Finexer ensures every data connection follows Strong Customer Authentication (SCA). Data is encrypted in transit and at rest, meeting FCA expectations around security.

Connects to over 99% of UK Banks
You get national coverage through a single provider. No need to manage separate integrations.

2 to 3x Faster Deployment
Finexer’s infrastructure is ready to use. Most firms are able to integrate and go live in days, not months, which significantly reduces your time to value.

Easy to Use with or Without Developers
Finexer offers flexible integration options. You can plug it into your existing tools or access data through a no-code interface if preferred.